Alrosa Diamond Sales Unaffected by Sanctions

Alrosa’s diamond sales have been unaffected by sanctions, according to the company’s first published set of financial results since Russia invaded Ukraine in February 2022.

First-half sales for 2023 were RUB 188.2 billion ($1.9 bn), up 0.2% from RUB 187.8bn ($1.9 bn), for H1 of 2022, and up 3.5 per cent on H1 of 2021. Net profit for H1 2023 was down 35 per cent year-on-year to RUB 55.57bn ($562.5m).

More detailed breakdowns of diamond sales are marked as being restricted by decree of the Government of the Russian Federation.

The US has imposed banking restrictions and sanctioned direct imports of Russian diamonds. But Russian stones polished elsewhere are not sanctioned.

The G7 countries were expected to impose restrictions when they met in May, but instead announced plans to consider a traceability solution.

India and Dubai have not imposed restrictions on Russian diamonds.

In its interim financial statement, Alrosa, the state-controlled diamond miner, says: “Ongoing geopolitical tensions in the region have escalated significantly as the situation regarding Ukraine continues to evolve, which remains highly volatile.

“The sanctions against Russia, in turn, have caused economically unjustified costs in a number of foreign economies, disrupted the efficiency of supply chains and trade flows.”

Source: DCLA

Sarine Profit Nosedives as Global Slump Hits Sales

Sarine Technologies saw a drop in revenue and a sharp slide in earnings for the first half of 2023 as demand for the company’s manufacturing equipment slowed.

Sales declined 24% year on year to $23.7 million in the six months that ended June 30, the Israel-based producer of technology for the diamond industry reported Sunday. Profit plummeted 85% to $953,000, as lower sales and a weaker product mix reduced margins.

High inflation and rising interest rates dented consumer demand, as did a sluggish post-pandemic recovery in China, Sarine explained.

“With a decline in the sale of polished diamonds, and the subsequent reduction of rough diamonds in the pipeline, the midstream effected less manufacturing activities,” the company said. “Appropriately, our traditional business of selling capital equipment and, to a much lesser extent our inclusion scanning services, were affected.”

Recurring revenues — from fees clients pay when they use Sarine systems, such as its Galaxy rough scanners — decreased around 9%. Outright sales of capital equipment — customers’ one-off purchases of machines — fell 40%. “Teething” problems with Sarine’s Meteorite Plus, a scanning machine for small rough stones that launched late last year, also impacted the top line. The company has rectified these issues, it said.

Revenues from services to the retail and wholesale segments, which Sarine calls trade revenues, offset the declines with a 12% rise. This mainly resulted from the acquisition of New York-based Gem Certification & Assurance Lab (GCAL) earlier this year, Sarine said.

Overall prospects for the coming months remain gloomy, the company added.

“As interest rates and inflation are likely to stay elevated and the possibility of a recession in the US is still realistic, overall industry conditions are likely to remain challenging for the rest of [2023],” it said. “Our traditional businesses of selling capital equipment and, to a much lesser extent, our Galaxy scanning services, will remain affected under subdued market conditions.”

Source: DCLA

China's Gold Economy: Consumer desire for gold increases, desire for diamonds decreases

In the first half of this year, China consumed nearly 555 tons of gold, up more than 16 percent year-on-year. The trend has been described as a domestic gold craze. But diamonds seem to have lost their attraction, as the market size in China declined to 11.4 billion U.S. dollars in 2022, 2.5 billion dollars less than in 2021. Xu Hua has more from the southern Chinese city of Shenzhen, China’s biggest distribution center for wholesale jewelry.

XU HUA Shenzhen Shuibei Jewelry Market “We’re at Shenzhen’s Shuibei Jewelry Market, the biggest wholesale market of its kind in China. The market has been crowded with consumers from all over the country for months, as international gold prices continue to rise. Let’s go and see what the best seller is here.”

The hustle and bustle of the Shuibei Jewelry Market since the beginning of 2023 marked a strong comeback from last year. With attractive designs, diverse styles and low prices, dozens of deals can be reached in seconds.

YU WANLING Shenzhen Resident “Shuibei is well-known for its gold sales. The quality gold is more reassuring than other places.”

ZHENG CE Shenzhen Resident “We are about to get married. We prefer to buy some gold rather than diamonds for inheritance or for wearing.”

China’s domestic consumption of gold jewelry reached 555 tons in the first half of 2023. Among the gold consumption, the purchase of gold bars jumped 30 percent year-on-year to 146 tons, while that of gold jewelry reached 368 tons, up almost 15 percent from the same period last year.

HAO RUNSONG General Manager, Lidu Gold “In 2023, our gold sales increased by 20-30 percent compared with last year.”

By contrast, the doorways of neighboring diamond stores looked relatively lonely, as the precious gems lost some significant value over the last few months.

LIU JINGLI Manager, Yishidai Jewelry “The retail transaction volume of diamond inlays is relatively low, and the wholesale sales of our diamond inlays is also declining.”

ZHAO LI Director, The Gold Plaza Operation Center “The sales of diamond jewelry have declined slightly, partly due to falling prices, fewer marriages, the impact of cultivated diamonds, and changing buyer behaviour.”

For daily social needs, some consumers looked to art jewelry as an alternative to diamond jewelry.

HUANG WEIJUN Brand Director, Shenzhen REIEN Jewelry “Our sales of art jewelry in the first half of this year have increased by about 300 percent over the whole of last year.”

Some economists say the booming gold sales are a direct reflection of a gloomy economic outlook.

WU HAIFENG Executive Director, Shenzhen Institute of Data Economy “When people feel uncertainty about the future, especially on the economy, especially about the income growth, people will think to change their investments platform from a variety of the financial products to hard currencies such as gold, such as real estate.”

However, Wu says that the real estate market hasn’t looked good since the beginning of the last year, so Chinese consumers and investors have been looking at other products. Wu added proper stimulative policies are still needed to ensure a healthy market and economic rebound. Xu Hua, CGTN, Shenzhen, Guangdong Province.

Source: DCLA

555ct. Diamond Bought with Illicit Funds, SEC Says

Cryptocurrency mogul Richard Heart allegedly used proceeds from the sale of unregistered securities to buy the 555-carat Enigma diamond, according to the US Securities and Exchange Commission (SEC).

The SEC has charged Heart — who was born Richard Schueler and who created the Hex cryptocurrency token — with selling the securities to raise more than $1 billion from investors. It alleges that Heart and his PulseChain company committed fraud by misappropriating at least $12 million of those funds to purchase luxury items, including sports cars, watches and the diamond.

“Heart called on investors to buy crypto asset securities in offerings that he failed to register,” Eric Werner, director of the SEC’s Fort Worth regional office, said in a statement Monday. “He then defrauded those investors by spending some of their crypto assets on exorbitant luxury goods.”

The Enigma, which is believed to have come from outer space, is the largest faceted diamond of any kind to appear at auction. Heart purchased it from Sotheby’s at a one-off sale in February 2022 for GBP 3.2 million ($4.3 million). At the time, Heart tweeted that he had bought the stone and would rename it the Hex.com diamond as a nod to his cryptocurrency platform, calling it a “match made in heaven.” Hex has a “5555 day club” comprising people who hold 5,555-day Hex stakes — the longest possible stake in the electronic token.

Sotheby’s, which accepted payment for the Enigma, was not mentioned as a defendant in the SEC’s lawsuit.

“Sotheby’s does not comment on individual transactions, but we can confirm we have established due diligence procedures, tailored and updated to take account of our requirements to conduct business in compliance with applicable laws and regulations,” the auction house stated.

Source: DCLA

Anglo announces latest De Beers’ rough diamond sales value

 

Anglo American plc announces the value of rough diamond sales (Global Sightholder Sales and Auctions) for De Beers’ sixth sales cycle of 2023, amounting to US$410 million.

The provisional rough diamond sales figure quoted for Cycle 6 represents the expected sales value for the period 10 and 25 July and remains subject to adjustment based on final completed sales.

Al Cook, CEO of De Beers, said: “In line with seasonal trends, rough diamond sales continued at a lower level during the sixth sales cycle of the year. Participants in the diamond industry’s midstream sector continue to take a cautious approach to purchases in light of ongoing macroeconomic challenges.”

Source: DCLA

DCLA THE HOME OF DIAMOND KNOWLEDGE

 This advice will give you a few tips to help you along the way.

TIP #1 Diamonds are usually given to display love, making the sentimental value higher to the seller than the actual value to a buyer. Should you be in the market to sell your diamond, make sure you are ready to part with the diamond before beginning the process.

TIP #2 Be sure of the quality and authenticity of what you are trying to sell. Make sure of the quality and the grade of the stone. This is most important for the ultimate value of the diamond. There have been many instances where a seller is committed to selling their diamond only to find out the quality isn’t as described when originally purchased.

There are Jewellers or services available, who will give an unbiased assessment of your stone. But it is far more valuable in the long run to get a report from a recognised Laboratory.

It is also recommended to verify the report matches the Laser inscription before placing your diamond on the market, to assure your diamond is the same stone should it not sell.

TIP #3 Now that you have an accurate report of the quality, make sure you get a realistic selling value. Believing the diamond holds a higher value than it truly possesses will lead to a challenging, frustrating experience which can be dragged out.

An appraiser can assist you with determining a fair selling, price so you can avoid this pitfall. Diamonds are priced in US dollars, so your diamonds price will be affected when converted to your local currency.

A good way to see current retail values is to visit online stores like dcladiamondexchange.com.au or bluenile.com.

TIP #4 There are many ways to sell a preloved diamond or diamond jewellery. Research your selling options to make an educated decision that works best for you. Be it an online market or exploring options through a local jeweller or dealer, be sure you are using the best option for your needs.

Example, if time is not of the essence, an online market or an auction house could be the best way forward. If you want a quick sale, visiting your local dealer may be the best option.

DCLA Diamond Laboratory provides an internationally recognised and respected report to any seller or prospective buyer.

DCLA will provide you with an experience expert to advise you and give you the accurate value protecting you when selling. Our goal is to provide you with as much knowledge as possible.

Visit www.dcla.com.au for information advice or to make an appointment.

Petra’s Sales Slide Amid Large-Stone Scarcity

Petra Diamonds’ sales dropped 44% for the full fiscal year as the miner recovered a lower proportion of high-value stones and pushed off its final tender due to low demand.

Revenue fell to $328.4 million for the 12 months ending June 30, the company reported Tuesday. Sales volume decreased 34% to 2.3 million carats.

The company, which operates the Cullinan, Finsch and Koffiefontein mines in South Africa, as well as the Williamson mine in Tanzania, attributed the decline to a drop in the number of large and exceptional diamonds it sold during the year. The segment contributed only $12.6 million in revenue for the year, compared to $89.1 million in fiscal 2022.

Petra also postponed its sixth and final tender of the financial year as a result of lower rough prices and deferred the sale of 75,900 carats of predominantly higher-value stones from its fifth tender, it explained. A drop in production also hit sales, as the miner had lower availability of rough to offer.

In the fourth fiscal quarter, from April to June, Petra’s rough prices grew 2% on a like-for-like basis versus the same period a year ago, it said. Meanwhile, the miner’s inventories increased to 715,200 carats at the end of the quarter as a result of the deferrals, up from 381,700 on June 30, 2022.

“Our strong balance sheet and flexible sales process enabled us to postpone the majority of our…rough-diamond sales [for the sixth tender] into fiscal year 2024 on the back of what we believe to be a temporary slowdown in demand for rough diamonds,” said Petra CEO Richard Duffy. “We continue to expect a supportive diamond market in the medium to longer terms as a result of the structural supply deficit, which will benefit our strong growth profile.”

Production fell 20% to 2.7 million carats for the fiscal year due to the recovery of lower-grade ore at Cullinan and Finsch. That total was just under the miner’s previous guidance of between 2.75 million and 2.85 million carats for the year.

Petra now expects output for the new fiscal year ending June 2024 to be between 2.9 million and 3.2 million carats, down from the 3 million to 3.3 million carats it previously forecast. It has also lowered its guidance for fiscal 2025 to the 3.4 million and 3.7 million carat range, rather than the 3.6 million to 3.9 million carats it originally estimated. The decrease is the result of a slower-than-expected ramp-up at both Cullinan and Finsch following a delay in work to extend the mines, Petra added.

Source: DCLA

World’s most expensive iPhone

For the connoisseurs of crazy expensive vanity stuff here’s one from Russian luxury brand Caviar. An search iPhone 14 Pro Max, encrusted with a Graff snowflake necklace pendant.

Known as the Diamond Snowflake, the world’s costliest search iPhone was unboxed on a Russian YouTube channel recently.

It was last priced at 40 million rubles or USD 465,000. In Indian currency it would cost around INR 3.8 crores. A Lamborghini Huracan model costs around the same price in India.

Created in partnership with the British jewelry brand Graff, the company has only released three pieces of the priciest search iPhone ever made. Only two of the limited edition are left for sale now at the company’s website.

The Diamond Snowflake is made of 18k White Gold and 570 diamonds.

On the backplate of the search iPhone is a massive massive diamond pendant. It’s a Graff snowflake necklace made of white gold, and platinum, encrusted with marquise-cut diamond.

Another edition of this search iPhone is called the Crystal Snowflake (Swarovski Edition) with only 20 pieces for sale. It also mirrors its pricier version the Diamond Snowflake.

Source: DCLA

Dubai-Israel Diamond Trade Hits $1.75bn in 2022

 Dubai-Israel Diamond Trade Hits $1.75bn in 2022

The volume of trade exchange between UAE and Israel, in the diamond trade, increased to $1.75 billion in 2022, an annual increase of 163%, according to the Dubai Multi Commodities Center (DMCC), a leading global free zone and government body concerned with the trade of goods and projects.

The ties between the diamond industries of both countries developed rapidly after ‘Abraham Accords’. On September 17, 2020, just two days after the signing of ‘Abraham Accords’ in Washington and the establishment of diplomatic relations between Israel and UAE, Israel Diamond Exchange (IDE) and Dubai Diamond Exchange (DDE) signed a cooperation agreement.

In 2022, the Israel Diamond Exchange opened an office in Dubai, and the Dubai Diamond Exchange opened in Ramat Gan, Israel’s diamond capital.

In May 2020, Israel and UAE signed Comprehensive Economic Partnership Agreement, eliminating tariffs on diamonds and precious stones.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said: “Over the past two years we have witnessed strong growth in Israeli companies setting up in our free zone, as they take full advantage of growing their businesses globally and the vertical integration we bring to the category.”

“As the trade relationship grows and matures between Israel and the UAE, we look forward to welcoming more business from Israel in diamonds as well as other key sectors,” he added.

The UAE has witnessed soaring growth in the sector over the past three years, with the rough diamond trade rising by 72% and polished by 50%. Bin Sulayem noted this success, adding that Israel has played a significant part in its accomplishment.

“Dubai, via our Dubai Diamond Exchange, has become the global leader in the diamond trade. This is reflected in the diamond trade numbers with Israel, with $ 1.75 billion traded last year,” he said.

Dubai provides Tel Aviv with greater opportunities for trading in the global market due to its position as a prominent regional trading center, and its proximity to Asian centers for the production of precious stones, in addition to the preference given to Israeli occupation companies to trade without additional costs or taxes, as stipulated in the free trade agreement between UAE and Israel.

The DDE, which was established in 2002 under the umbrella of the Dubai Multi Commodities Centre (DMCC), has over 1,100 licensed companies. It now handles some $25bn in total trade, double that of Israel’s IDE.

Source: DCLA

Botswana president insists on bigger share of diamonds from De Beers venture

Botswana will not back down on demands for a bigger share of rough diamonds from its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, upping the stakes as talks for a new sales deal appear to be stalling.

Botswana and De Beers mine the precious stones through their equally owned, 54-year-old mining venture, Debswana Diamond Co. The current diamond sales deal, in place since 2011, has been extended three times since 2020 but is set to expire next month.

De Beers, a unit of Anglo American Plc, gets 75% of Debswana’s production, which was 24 million carats in 2022. The balance is sold to state-owned Okavango Diamond Company, a vehicle established in 2011 as Botswana began moves to independently sell some gems outside of the De Beers system.

Masisi, who has been Botswana’s president since 2018 and will seek re-election in next year’s elections, now wants Botswana to sell more of its diamonds outside the De Beers channel.

“Our agreement with De Beers is very restrictive to us. We signed it at a time when we didn’t know much, but now our eyes are open,” Masisi said at a community meeting in Mmadinare, 400 kilometres (248.55 miles) north-east of the capital, Gaborone.

Masisi hinted at a possible stalemate and litigation over the sales agreement.

“Even if we lose the litigation, our diamonds will remain ours and we will never give in. If I am going to lose votes because of this issue, then so be it,” said Masisi, speaking in Setswana.

Masisi has previously threatened to walk away from the talks if Botswana does not get a bigger share of Debswana’s output for marketing outside the De Beers system. The government has not publicly stated what share it seeks, but it is believed to be as high as 50%, double the current allocation.

De Beers was not immediately available to comment.

The diamond giant says Botswana receives more than 80% of returns from Debswana, after taxes and royalties are factored in. De Beers has previously expressed confidence that its five-decade partnership with Botswana will continue, on terms “that make economic and strategic sense for both parties.”

Source: DCLA

Breakthrough Tech ‘Pinpoints Origin of Every Diamond’

 

A Swiss company claims it has developed technology that chemically profiles any diamond so it can identify the country – and even the specific mine – of origin.

Spacecode says it analyzes diamonds at a molecular level to determine where it was mined, so it doesn’t matter whether the stone has been registered earlier in the supply chain.

The company has been in talks with the G7 and EU nations about the possibility of using its technology to identify Russian diamonds.

“Our research started 10 years ago, but over the past three years we have developed a specific technology that identifies the provenance of any diamond,” said Pavlo Protopapa the company’s CEO.

“We are the first ever to hold such unique technology, which is a major game changer all along the diamond supply chain.”

“We plan to produce by the end of this year our initial units. By 2024, we will offer on a large scale to the global diamond and jewelry industries, a small easy-to-use device that will define the country of origin of rough and polished diamonds.”

Protopapa added that “in meetings with the G7 and the EU representatives, we have received enthusiastic interest. Within months, we will deliver a small, easy-to-use device that will identify Angolan, Botswanan, South-African and of course, any Russian diamonds. We will leave it for the politicians to decide what to do with it”.

Spacecode’s breakthrough technology analyzes the chemical composition of a diamond on a molecular level, and with Artificial Intelligence tools, creates a “chemical profile” of the run of the mine of a specific diamond mine.

The technology identifies not only the country of origin, but even the specific mine in which it was mined.

Spacecode’s diamond inventory management technology already tracks more than 25 million stones. The company has a team of 15 engineers and specialists, and over 300 clients.
Its technology could be adopted by the G7 and the EU to impose effective sanctions on both rough and polished diamonds from Russia.

It could also be used by the Kimberley Process and other organizations, to end, for example, the export of Angolan diamonds through other African countries.

Source: DCLA

World Record Ring made of 50,907 Recycled Diamonds

 

Jewelers in India have shattered a world record with a ring made of 50,907 diamonds.

The Eutierria Ring has more than twice as many diamonds as the previous record holder, The Touch of Ami, with 24,679 diamonds. Both rings were made in India.

The new ring, created by H.K. Designs and Hari Krishna Exports, was certified last month by Guinness World Records as the ring with the most diamonds.

The ring took nine months to design and make, entirely of recycled materials – 460.55 grams of gold and 130.19 carats of diamonds all re-purposed from customer returns.

It is designed as a sunflower with four layers of petals, a shank, two diamond discs, and a butterfly.

It has been certified by IGI and has a retail value of $785,645, according to a press release issued jointly by both companies.

It takes its name, Eutierria, from a term describing a positive feeling of oneness with the earth.

Spurce: DCLA

How do I know where my diamond was mined ?

 

It can be challenging to determine the exact location where a diamond was mined, but there are several ways to get an idea of its origin:

1. Diamond certificate: A diamond certificate or grading report from a reputable laboratory such as GIA, AGS,HRD, IGI or DCLA will provide information about the diamond's characteristics, including its colour, clarity, and carat weight. Some certificates may also include information about the diamond's origin or a statement that the diamond is of natural origin.

2. Inscription: Some diamonds may have a laser inscription on the girdle (the thin outer edge) of the diamond that identifies the diamond's report and sometimes brand origin or other information about the diamond. The inscription is a laser inscription or a micro-inscription that can only be viewed under magnification.

3. Jewellers and diamond dealers: An experienced jeweller or diamond dealer may be able to provide information about the diamond's origin based on their knowledge and experience in the industry.

4. Diamond tracing programs: Some diamond companies offer programs that trace the origin of their diamonds from the mine to the consumer. For example, the De Beers Group has a program called Tracr that provides a digital certificate of a diamond's journey from mine to retailer. It's important to note that not all diamonds can be traced to their exact origin, but the above methods can provide some information about a diamond's potential source. Diamonds can be found in various places around the world, but the most famous diamond sources are:

1. Botswana: Botswana is the world's leading producer of diamonds by value and is responsible for about 25% of the world's diamond supply.

2. Russia: Russia is the world's largest diamond producer by volume, accounting for about 27% of global diamond production. The majority of diamonds mined in Russia come from the Yakutia region in northeastern Russia.

3. Canada: Canada is the world's third-largest diamond producer, and its diamond mines are known for producing high-quality gemstones. The majority of Canada's diamond mines are located in the Northwest Territories.

4. Australia: Australia is known for producing some of the world's most valuable pink and red diamonds. The Argyle Diamond Mine in Western Australia was the world's largest source of pink diamonds until its closure in 2020.

5. South Africa: South Africa is one of the earliest sources of diamonds, and the country's Kimberley region is famous for its diamond mines. The Cullinan Diamond, the largest rough diamond ever found, was discovered in South Africa in 1905.

Source: Certin 

It is possible to trace a diamond

 

It is possible to trace a diamond if it has been reported as lost or stolen and has been registered with a diamond grading and identification laboratory. Many diamonds are laser-inscribed with a unique identification number or code that can be used to identify the stone if it is recovered.

In addition to laser-inscriptions, diamond grading and identification laboratories such as the Gemological Institute of America (GIA, the International Gemological Institute (IGI) and (DCLA) Diamond Certification Laboratory of Australia, provide certificates for diamonds that include a detailed description of the stone's characteristics, including its carat weight, colour, clarity, and cut. These certificates are the main method used to help identify a lost or stolen diamond.

However, it is important to note that not all diamonds are registered with these laboratories or have laser-inscriptions. Additionally, some diamonds may be recut or modified in a diamond cutting factory, making them more difficult to identify, But not impossible. Therefore, while it is possible to trace a lost or stolen diamond, it is not always guaranteed.

While measurements do provide all the proportion information about a diamond, they alone cannot be used to definitively identify a diamond.

Diamond measurements typically refer to the dimensions of the stone, including its length, width, and depth, as well as the angles and proportions of the diamond's cut. Measurements determine a diamond's shape and some aspects of its quality, such as its symmetry and polish, these alone do not provide enough information to identify a diamond conclusively.

To identify a diamond, experts will rely on a combination of factors, including the diamond's unique physical characteristics, such as its colour, clarity, and fluorescence, as well as any laser-inscriptions or certificates associated with the stone.

DCLA has a diamond registry, linking your diamond ownership 

 

Source: Certin Diamond insurance 

Are Diamonds traceable

Diamond traceability refers to the ability to track the journey of a diamond from its source to the market. This includes tracing the diamond’s origin, the path it takes through the supply chain, and the ultimate destination where it is sold to consumers.

Diamond traceability is important for a number of reasons. For one, it can help ensure the ethical and sustainable sourcing of diamonds, by allowing for greater transparency and accountability in the supply chain. This can help prevent the trade of conflict diamonds, which are used to finance armed conflict and human rights abuses. Additionally, diamond traceability can help provide assurance to consumers that the diamonds they purchase are of high quality and have been sourced responsibly.

The diamond industry has established various initiatives to promote diamond traceability, including the Kimberley Process Certification Scheme, which aims to prevent the trade of conflict diamonds, and the Responsible Jewellery Council, which sets standards for responsible sourcing practices in the industry. Additionally, some diamond producers have implemented blockchain technology to enable the secure tracking of diamonds throughout the supply chain.

Certification is another key aspect of diamond traceability. By obtaining a diamond certificate, which includes a record of the diamond’s characteristics and its journey through the supply chain, consumers can be assured that the diamond they are purchasing is of high quality and has been sourced responsibly.
Overall, diamond traceability is an important aspect of the diamond industry, as it can help promote responsible sourcing practices and provide assurance to consumers about the quality and authenticity of the diamonds they purchase.

While it may not be possible for an individual to physically track a diamond from the source, certification and other industry initiatives can help ensure the ethical and sustainable sourcing of diamonds, as well as provide assurance to consumers about the quality and authenticity of the diamonds they purchase.

One technique used to determine the origin of diamonds is through the analysis of their chemical composition. Diamonds from different geographic locations can have different trace elements and isotopic compositions, which can be used to identify their origin. For example, diamonds from different mines in South Africa can have different isotopic signatures.

Another method to determine the origin of a diamond is through the use of spectroscopy, which involves analyzing the unique spectral characteristics of a diamond. This can provide clues about its origin and the geological conditions under which it formed.

It’s worth noting that while these techniques can provide clues about a diamond’s origin, they are not foolproof and may not provide a definitive answer in every case. Nonetheless, advances in technology and the diamond industry’s commitment to responsible sourcing have made it increasingly possible to track and trace diamonds from their source.

Source: Michael Cohen DCLA

WHAT ARE CONFLICT DIAMONDS

WHAT ARE CONFLICT DIAMONDS

Conflict diamonds, also known as blood diamonds, are diamonds that have been mined in war zones and sold to finance armed conflict against governments. These diamonds are typically mined under inhumane conditions by workers who are often forced to work in dangerous and exploitative conditions.
The profits from the sale of these diamonds are then used to fund armed conflicts, which often involve violence, human rights abuses, and forced labor. This cycle of violence and exploitation is known as the “diamond curse.”
To combat the trade in conflict diamonds, the international community has established the Kimberley Process Certification Scheme, which requires that all rough diamonds be certified as conflict-free before they can be sold on the international market. The Kimberley Process has helped to significantly reduce the trade in conflict diamonds, but concerns remain about the effectiveness of the scheme and the ongoing trade in illicit diamonds.

What percentage of diamond production are conflict diamonds
The percentage of diamond production that can be considered conflict or blood diamonds has decreased significantly since the introduction of the Kimberley Process Certification Scheme in 2003. According to the Kimberley Process, the percentage of conflict diamonds in the global diamond trade has fallen from approximately 15% in the 1990s to less than 1% today.
However, it is important to note that some critics have raised concerns about the effectiveness of the Kimberley Process in preventing the trade in conflict diamonds. They argue that the definition of conflict diamonds used by the Kimberley Process is too narrow, and that some diamonds mined in areas of conflict may still be entering the market through illegal channels.
Furthermore, there have been reports of human rights abuses and unethical practices in diamond mining in countries that are not considered conflict zones. So while the percentage of conflict diamonds in the global diamond trade is believed to be low, it is important to remain vigilant and continue efforts to ensure that all diamonds are mined and traded ethically and responsibly.

How do i ensure the diamond i buy is conflict free
To ensure that the diamond you buy is conflict-free, you should look for a diamond that has been certified as such by a reputable organization. The most widely recognized certification scheme for conflict-free diamonds is the Kimberley Process Certification Scheme (KPCS), which was established in 2003 to prevent the trade in conflict diamonds.
Here are some steps you can take to ensure that the diamond you buy is conflict-free:

1. Buy from a reputable jeweller: Look for a jeweller that is committed to selling conflict-free diamonds and has a policy in place to verify the origin of their diamonds. Many jewelers are members of organizations that promote ethical and responsible diamond sourcing, such as the Responsible Jewellery Council or the Jewelers of America.
2. Ask for a certificate of authenticity: Ask your jeweller for a certificate of authenticity that verifies the origin of the diamond you are interested in buying. The certificate should state that the diamond is conflict-free and has been mined and traded in compliance with the Kimberley Process.
3. Look for laser inscriptions: Some diamonds may have a laser inscription on the girdle that indicates the origin of the diamond and its certification number. This can be a helpful way to verify the diamond’s origin and ensure that it is conflict-free.
4. Consider buying a lab-grown diamond: Lab-grown diamonds are an ethical and sustainable alternative to mined diamonds. They are produced in a laboratory using advanced technology and do not have the same environmental or social impacts as mined diamonds.
   

By taking these steps, you can help ensure that the diamond you buy is conflict-free and has been mined and traded in a responsible and ethical manner.

Source: Roy Cohen DCLA

Glistening watch breaks record with 17,524 diamonds

 

          Watch breaks record with 17,524 diamonds

Renani Jewels (India) has broken the dazzling Guinness World Records title for the most diamonds set on a watch in Meerut, India as verified on 29 December 2022.

The construction of this sparkly piece of jewellery started with hand drawn sketches to work out the design of the watch.

After the initial design was finalized, it was recreated in 3D as a computer-aided-design (CAD) and then printed.

All the diamonds were then meticulously placed onto the watch and it took five different forms of polishing to give it the desired look.

The watch is named Srinkia – the watch of good fortunes. Inspired by ancient Indian mythology, Srinkia means flower.

According to founder and CEO Harshit Bansal, it also signifies the Indian goddess of wealth and good fortunes – Lakshmi.

The end watch has 17,512 white diamonds and 12 black diamonds.

This beat the previous record set by Aaron Shum Jewelry Ltd. (Hong Kong) with 15,858 diamonds back in December 2018.

These diamonds were authenticated by an International Gemological Institute Lab (IGI) certificate to determine that actual diamonds were used.

The main challenge faced by Renani Jewels was the procurement of a huge quantity of diamonds with the same colour, size, shape and clarity.

To verify the record, each individual diamond had to be counted in the presence of a jewellery and diamond expert.

In accordance with GWR’s guidelines, the diamond had to be sourced from producers that are certified by the Kimberley Process Certification Scheme (KPCS), which prevents “conflict” diamonds from entering the mainstream market.

The end watch weighs 373.30 grams and is completely wearable.

Diamond records have proved popular in India, with the most diamonds set on a ring being broken by SWA Diamonds last May.

Source: guinnessworldrecords

Sarine to Buy Majority Stake in Grading Lab GCAL

 Sarine to Buy Majority Stake in Grading Lab GCAL

A grader at GCAL

Sarine Technologies has agreed to acquire a majority share in New York-based Gem Certification and Assurance Lab (GCAL) amid a push to expand in the American market.

“At the beginning of last year, we started ramping up our activities in the US,” Sarine CEO David Block told Rapaport News on Thursday. “Due to that, the discussions with regard to this [deal] ramped up along with our involvement in the US market. This [deal] should be quite a significant jump in the scope of our business in the US.”

Israel-based Sarine has signed a nonbinding memorandum of understanding (MoU) to purchase the stake for an all-cash consideration, it announced in a statement on Wednesday. The parties plan to reach a final agreement in a few months once due diligence is complete, Block said. The companies have not disclosed the sale price or the size of the share.

GCAL will continue to offer its customers the same products and services as before the deal, and its executives will remain in charge, Sarine said.

However, while currently operating out of a single location in New York, GCAL will be able to implement Sarine’s e-Grading — an automated grading service using artificial intelligence (AI) — to develop the lab’s capabilities across the US and globally. The companies will begin integrating their technology and services even before the deal closes, Block explained. Sarine will continue to offer its services independently outside the US.

Founded in 2001 by Don Palmieri, family-owned GCAL is known for providing diamond certificates carrying a guarantee, rather than just reports that act as a description of grades. In 2021, it launched 8X, a cut-grading standard that it claims is more exacting than the industry’s triple Ex score.

“Sarine’s technologies will allow us to continue to abide by [our] key code of ethics while still expanding our services to meet the growing demand by consumers seeking confidence that their acquired products and services meet all norms of quality and sustainability,” said GCAL chief operating officer Angelo Palmieri.

Source: DCLA

Mouawad Unveils $5.75M Miss Universe Crown Featuring Sapphires and Diamonds

 

The Miss Universe Organization unveiled “The Crown Number 12: Force for Good,” crafted by luxury jeweler Mouawad.

The crown will honor the winner of the 71st Miss Universe competition on Jan. 14 in New Orleans. It features pear-shaped blue sapphires surrounded by diamonds and is valued at approximately $5.75 million, according to a press release.

The design “evokes the Miss Universe Organization’s belief in a future forged by women who push the limits of what’s possible and the incredible women from around the world who advocate for positive change,” said Mouawad co-guardian Fred Mouawad.

A unique, bespoke work of art and craft, the Force For Good Crown emanates Mouawad’s passion for crafting the extraordinary, featuring the meticulous setting of sapphires and diamonds, whose design is replete with symbolism. Reflecting the point that significant change does not happen in an instant, the base of the crown is set with diamonds symbolizing the status quo. From the base upwards, rippling wave motifs reflect the momentum of change, with their varying sizes portraying that this momentum gains ground gradually through advocacy at different moments and places, to audiences large and small, over time.

“It has been an honor to craft a new crown for The Miss Universe Organization, and to create a new sparkling chapter in the story of Mouawad Miss Universe crowns, said Mouawad co-guardian Fred Mouawad. “The Mouawad Miss Universe Force for Good Crown is a work of extraordinary craftsmanship, completely crafted and set and by hand, featuring 108.44 carat of blue sapphire and 48.12 carat of white diamond in a design that evokes the Miss Universe Organization’s belief in a future forged by women who push the limits of what’s possible and the incredible women from around the world who advocate for positive change.”

Upon closer inspection, the culmination of these wave-like curls at the base emulates a serpent’s head, symbolizing the challenges involved in swaying opponents and those with a vested interest in maintaining the status quo. As the eye moves upward from the base of the crown, the color gradient changes from the glistening white of diamonds to the warm blue of sapphires, deepening in intensity toward the pinnacle of the crown. At the top, a stunning pear-shape 45.14 carat sapphire displays a depth of color emblematic of the goodness that can be achieved through persistent action and of the hope for a brighter future. The wave motifs also mimic the theme of stage design for the 71st MISS UNIVERSE® competition that accentuates water as key element. While symbolizing the flow of life which can encompass strength and resistance, water inspires activation of energy that turns pain into power, as well as serves as teaser for the upcoming launch of MISS UNIVERSE Mineral Water, the first Miss Universe-branded product, in the first quarter of 2023.

Anne Jakapong Jakrajutatip, Chief Executive Officer of JKN Global Group Public Company Limited, as the new owner of The Miss Universe Organization, said: The Miss Universe 2022 Force for Good Crown stands for a graceful reincarnation of The Miss Universe Organization’s long-standing values and heritage as a guiding light, shining bright to the future glory. The new crown is also the dazzling illustration of both the challenges and rewards that come when young women advocate for causes close to their heart and strive makes an impact on the world.”

“As we are stepping into the new era of women’s empowerment, The Miss Universe Organization (MUO) will continue to be a global organization run by women for women with promise to serve as an inspirational platform that celebrates diverse women, supporting them to realize their ambition and build self-confidence, while evolving the brand over time to be more relevant and appealing to the next generation. Our new ambition is to instill the sense of passion for ‘transformational leadership among us all with firm belief that everyone can lead, to be successful and achieve their life goals. With this future-oriented approach, the Miss Universe brand is keen to take on a pivotal role in involving and engaging people on a journey toward social inclusion, gender equality and environmental sustainability,” added Anne Jakapong.

The “MISS UNIVERSE x MOUAWAD: Unveiling the new crown “Force for Good”, the New Emblem of Beautifully Confident press conference to reveal the new crown held in True Icon Hall, 7th floor, Iconsiam, Bangkok, Thailand.

The event was also live streamed on Miss Universe Youtube and JKN18 Facebook page, attended by thousands of international media.

The partnership between The Miss Universe Organization and Mouawad has formed in 2019, which saw winners of a prestigious competition, MISS UNIVERSE® honored with crowns crafted by Mouawad.

Anne Jakapong Jakrajutatip said she was excited to bring the new crown to the stage of the 71st MISS UNIVERSE® competition herself. The event will take place on Saturday, January 14, 2023 at the New Orleans Ernest N. Morial Convention Center, New Orleans, Louisiana, United States. Last year’s winner Miss India Harnaaz Sandhu will crown her successor at the end of the event.

Source: DCLA

NECKLACE WITH 42 ENGAGEMENT RING DIAMONDS

    Drake For All The Times I Wanted To Propose

Drake isn’t afraid to fall in love, and now he’s got an insanely flashy piece of jewelry to prove it — a necklace with 42 engagement ring diamonds — for all the times he’s wanted to propose.

Celebrity Jeweler Alex Moss tells TMZ … Champagne Papi’s new piece is called “Previous Engagements,” a tribute to all the women Drizzy contemplated asking to marry him, but never went through.

In total, we’re told the piece’s 42 stones count for 351.38 carats in diamonds. On top of all the ice, it’s made using 18K white gold and was set using the eagle claw technique.

Alex tells us the entire thing took 14 months to complete and was built by hand in NYC … though he won’t reveal how much it cost.

Drake debuted it at Lil Baby’s birthday concert in Atlanta last Saturday at State Farm Arena.

42 may seem like a lot, but there’s always room to add more for The Certified Lover Boy.

Source: DCLA